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Sub-Sahara Africa Stocks: Kenya Airways, Nestle Nigeria Move

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March 14 (Bloomberg) -- Kenya’s All-Share Index fell for the third day, declining 0.4 percent to 59.98 in Nairobi.

Mauritius’s SEMDEX Index weakened 0.3 percent to 1,766.25 at the close. The Nigerian Stock Exchange All-Share Index rose for a third day, gaining 0.7 percent to 21,227.98 by 2:30 p.m. in Lagos, according to data compiled by Bloomberg. The FTSE/Namibia Overall Index climbed for a second day, increasing 1.1 percent to 919.99 in Windhoek.

The following shares are active in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third-biggest airline, plunged 9.9 percent to 15.1 shillings, the lowest since October 2004. The company said March 12 it plans to raise $3.6 billion, partly through a rights offer and loans, to fund its 10-year expansion plan.

Nestle Nigeria Plc (NESTLE NL), the West African nation’s largest food company by market value, dropped by the daily limit of 5 percent to 462.37 naira, the biggest drop since Jan. 3, as investors bet a recent rally in the stock was overdone.

“A lot of investors are selling so the demand is not strong enough to hold the price at that bullish level,” David Adonri, Chief Executive Officer of Lambeth Trust and Investment Co., a Lagos-based brokerage, said by phone today.

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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